Parks Up, Hong Kong Still Down

[Loomis]

It was good news all around as Disney announced its third fiscal-quarter (and nine months ending June 30, 2007) earnings Wednesday. Well, almost all around. Despite seeming growth in most sectors - including the theme parks - it seems as though our beloved Hong Kong Disneyland was just dragging the chain. The company reported saw double-digit growth in the theme park, consumer products division and media during the quarter.

http://news.hkdlsource.com/story/185


Brockton News reports: "Attendance at Disneyland Paris was up 9 percent in the quarter, but Hong Kong Disneyland attendance continued to be disappointing, Staggs said."


Meanwhile, the Orlando Sentinel had this to say: "Chief Financial Officer Thomas Staggs noted that Disney World recorded a 4 percent increase in attendance and a slight increase in per-visitor spending during the quarter. Disney World hotels posted a higher average occupancy rate -- 93 percent -- and a 5 percent increase in per-room spending. That buoyed the division overall, even as Hong Kong Disneyland continued to miss its financial targets and Disneyland in California saw no change in attendance and only a slight increase in per-visitor spending." (Emphasis added).


Of course, Disney's only mention of the park was in reference to loans taken out: "The total borrowings shown above include $3,426 million and $3,242 million attributable to Euro Disney and Hong Kong Disneyland as of June 30, 2007 and September 30, 2006, respectively. Cash and cash equivalents attributable to Euro Disney and Hong Kong Disneyland totaled $420 million and $599 million as of June 30, 2007 and September 30, 2006, respectively."